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Real Estate Securities (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Values of Real Estate Securities by Type The following table presents the fair values of our real estate securities by type at September 30, 2024 and December 31, 2023.
Table 9.1 – Fair Value of Real Estate Securities by Type
(In Thousands)September 30, 2024December 31, 2023
Trading$128,780 $40,424 
Available-for-sale205,361 87,373 
Total Real Estate Securities$334,141 $127,797 
Schedule of Available-for-Sale Securities by Position and Collateral Type
The following tables present the detail of our AFS securities, by position and collateral type, at September 30, 2024 and December 31, 2023.
Table 9.2 – Carrying Value and Fair Value of AFS Securities by Type
September 30, 2024
(In Thousands)SeniorMezzanineSubordinateTotal
Amortized cost$32,217 $34,143 $114,181 $180,541 
Gross unrealized gains139 916 28,945 30,000 
Gross unrealized losses— — (4,313)(4,313)
Allowance for credit losses— — (867)(867)
Total Carrying Value$32,356 $35,059 $137,946 $205,361 
December 31, 2023
(In Thousands)SeniorMezzanineSubordinateTotal
Amortized cost$— $— $79,635 $79,635 
Gross unrealized gains— — 16,973 16,973 
Gross unrealized losses— — (6,753)(6,753)
Allowance for credit losses— — (2,482)(2,482)
Total Carrying Value$— $— $87,373 $87,373 
September 30, 2024
(In Thousands)SeniorMezzanineSubordinateTotal
Other third-party securities$32,356 $32,178 $38,208 $102,742 
Multifamily securities— 2,881 4,504 7,385 
Sequoia securities— — 95,234 95,234 
Total Fair Value$32,356 $35,059 $137,946 $205,361 
December 31, 2023
(In Thousands)SeniorMezzanineSubordinateTotal
Other third-party securities$— $— $3,971 $3,971 
Multifamily securities— — 4,460 4,460 
Sequoia securities— — 78,942 78,942 
Total Fair Value$— $— $87,373 $87,373 
Schedule of Components of Fair Value of Available for Sale Securities by Holding Periods
The following table presents the total carrying value (fair value) and unrealized losses of residential AFS securities that were in a gross unrealized loss position at September 30, 2024 and December 31, 2023.
Table 9.3 – AFS Securities in Gross Unrealized Loss Position by Holding Periods
Less Than 12 Consecutive Months12 Consecutive Months or Longer
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(In Thousands)
September 30, 2024$15,077 $(44)$20,809 $(4,269)
December 31, 20232,374 (128)27,299 (6,625)
Schedule of Activity of Allowance for Credit Losses for Available-for-sale Securities
The following table details the activity related to the allowance for credit losses for AFS securities for the three and nine months ended September 30, 2024.
Table 9.4 – Rollforward of Allowance for Credit Losses
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(In Thousands)
Beginning balance allowance for credit losses$1,339 $2,482 
Additions to allowance for credit losses on securities for which credit losses were not previously recorded25 25 
Additional increases (or decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period(497)(1,640)
Reduction to allowance for securities sold during the period— — 
Ending balance of allowance for credit losses$867 $867